Property Virgin, Landlord Hopeful

[Alex Marino]

Hello BP Community!

So I will first start off with the declaration that this is my first time being a part of a forum/community/board before! So much information! An acquaintance steered me here with all my questions and lack of knowledge(think I made him nuts) but I digress... I'm a 29 year old who has been interested in realty for years but never took the plunge into the vast world of it prior. I have some cash put aside for what I planned on being my first home purchase; but the more I read and educate myself I see that a primary residence ends up actually holding equity hostage. That being said I'm looking for some guidance and questions answered on what properties I should be looking for. The end goal being a landlord; in time, of multiple properties. I'm more interested on condos, co-ops, and townhomes. I'm not sure I'm ready to drive into the single or multifamily home investment world just yet! Is this a smart choice? Should I be looking at a 1 bedroom or 2 bedroom? What price point is best to start at? And would it be wiser to open an LLC and put the properties under that company name or myself as an individual? I live in NY and am seeing more and more that people are renting and steering away from owning. Please excuse my lack of knowledge as I'm a property virgin, but I'm also excited to learn about the world of investment properties and rentals and I appreciate any and all help and constructive criticism. I look forward to growing from my first property, to one day helping those who are in my shoes, and find themselves on BP!

P.S. if there are any local mentors in the Hudson Valley I would love the chance to meet up and pick your brain, learn from you, and maybe form some sort of business relationship!